Spark Notes

News & Updates from Spark Financial Services

December 2015

Happy Holidays from our Founder & CEO!

The holidays came quickly and are passing just as fast. I still wanted to take a moment to wish you and your family a Merry Christmas and a Happy New Year!!!!!! 2015 was a great year and I'm looking forward to 2016. (I hope you are too!) Thank you SO MUCH for being a part of my Spark client family and supporting my business!


All the best,

Monique Bowens

monique@sparkfinancialservices.com

(214) 830-1944

Making New Years Resolutions?? Check out our blog for some help!

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A Little Tax Humor...LOL

December Tax Tip - Standard Deduction vs. Itemized Deductions

When tax season rolls around, many people show up to their tax preparation office with their W-2(s) and maybe a few dependents and take all of the allowable standard deductions available to them. This generally works WELL for most taxpayers but for some others, they could be leaving money on the table by NOT itemizing their deductions.


Generally, the IRS allows you to DEDUCT from your income '$X' amount of dollars depending on your filing status as a standard deduction. You can take this standard deduction that they GIVE you OR you can itemize. The IRS will allow you to take the GREATER deduction of the two.


2015 Standard Deduction by filing status


  • Single - $6,300
  • Married persons filing separate - $6,300
  • Married persons filing jointly - $12,600
  • Head of Household - $9,250


If the sum of your eligible itemized deductions will be MORE than your standard deduction as listed in the table above, you might want to look into itemizing to receive the best benefit. Head on over to the website to view the latest blog post regarding what is considered eligible itemized deductions.

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